April home sales trend points to solid second-quarter

May 25, 2018

The trend of having an increased number of Cape Coral home sales closed in the month of April compared to March remained in place for 2018, pointing to the likelihood we will have a solid second quarter for homes sold. We did, however, see some weakness in the number of homes sold this year versus last year, along with a bit of a slowdown to the gains in median sales prices, especially in the gulf and sailboat access canal home segments of our market.

During the month of April in the overall Cape Coral single-family home market, there were 540 homes sold, which was 23 percent higher than the 439 homes sold in April 2017, and 13.68 percent above the 475 homes sold in March. Year-to-date, as of April 30, there have been an average of 425.25 homes sold per month overall in the Cape, up 14.3 percent versus the average of 372 homes sold per month over the first four months of 2017, and 9.88 percent higher than the average of 387 homes sold in the first three months of this year.

Median sales prices in the overall Cape Coral single-family home market came in at $242,750 in April, up only 3.3 percent compared to the $235,000 posted in April 2017, and edging 1.15 percent higher versus $240,000 in March of this year. On a year-to-date basis, the median sales price has averaged $238,188 per month through April 30, up 2.91 percent compared to the monthly average of $231,450 over the first four months of 2017, and fractionally higher than the average of $236,667 in the first three months of this year.

Gulf access canal homes

During the month of April in the Cape Coral single-family gulf access canal home segment, the number of homes sold dropped by 4.17 percent to 115, compared to the 120 homes sold in April of last year, but they were 35.29 percent above the 85 homes sold this past March. So far this year, through April 30, there have been an average of 83 gulf access canal homes sold per month in the Cape, which is down 12.17 percent compared to the average of 94.5 homes sold per month over the first four months of last year, but 14.75 percent higher than the average of 72.33 homes sold per month in the first three months of this year.

The median sales price for Cape Coral single-family gulf access canal homes was $426,000 in the month of April, which was 5.51 percent higher than the $403,750 in April 2017, but it was 2 percent lower than the $435,000 recorded in March of this year. Through April 30, the year to date median sales price has averaged $431,500 per month, or 4.42 percent higher than the average of $413,238 per month over the first four months of 2017, and down slightly from the average of $433,333 in the first three months of this year.

Sailboat access canal homes

During the month of April in the Cape Coral sailboat access canal home segment, there were 57 homes sold, which was flat with the 58 homes sold in April 2017, but 35.71 percent higher than the 42 homes sold in March of this year. So far this year, through April 30, there have been an average of 43.5 sailboat access homes sold per month, which was 6.45 percent below the 46.5 homes sold per month over the first four months of 2017, but 11.54 percent above the average of 39 homes sold per month in the first three months of this year.

Median sales prices for Cape Coral sailboat access canal homes came in at $464,000 in April, or 7.92 percent higher than the $429,950 posted in April 2017, and 7.04 percent above the $433,500 in March of this year. On a year-to-date basis, through April 30, the median sales price for sailboat access homes in the Cape averaged $464,500 per month, or 3 percent higher than the average of $450,613 per month over the first four months of 2017, and flat with the average of $464,667 per month in the first three months of this year.

Freshwater canal homes

During the month of April in the Cape Coral freshwater canal home segment, there were 64 homes sold, which was up 56 percent from the 41 homes sold in April 2017, and 20.75 percent higher than the 53 homes sold in March of this year. So far this year, through April 30, an average of 50 freshwater homes were sold per month, which was 41.84 percent above the average of 35.25 homes sold per month over the first four months of 2017, and up 10.3 percent versus the average of 45.33 homes sold in the first three months of this year.

Median sales prices for Cape Coral freshwater canal homes came in at $282,500 in April, which was 16.74 percent higher than the $242,000 from April 2017, and 2.73 percent above the $275,000 in March of this year. So far this year, through April 30, the median sales price for freshwater canal homes in the Cape averaged $277,476 per month, or 2.46 percent above the average of $270,813 per month over the first four months of 2017, and fractionally higher than the average of $275,802 per month in the first three months of this year.

Dry lot homes

During the month of April in the Cape Coral dry lot (non-canal) home segment, there were 361 homes sold, which was up 29.86 percent from the 278 homes sold in April 2017, and 7.12 percent above the 337 homes sold in March of this year. So far this year, through April 30, an average of 292.25 dry lot homes were sold per month, which was 20.64 percent above the average of 242.25 homes sold per month over the first four months of 2017, and 8.51 percent higher than the average of 269.33 homes sold per month in the first three months of this year.

Median sales prices for Cape Coral dry lot homes came in at $215,000 in April, which was 4.88 percent higher than the $205,000 posted in April 2017, and 1.42 percent above the $212,000 in March of this year. So far this year, through April 30, the median sales price for dry lot homes in the Cape averaged $213,834 per month, or 6.66 percent above the average of $200,486 per month over the first four months of 2017, and fractionally higher than the average of $213,445 per month in the first three months of this year.

(The April 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County as of May 21, 2018. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single-family homes, not including condominiums, foreclosures or short sales. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 38 years. Geri has been a full-time Realtor since 2005, and Bob, who also holds a Certified Financial Planner designation, joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)